The penalty was less than one percent of the amount of money BMW allegedly raised from the bond offerings.
The German automaker and its subsidiaries, BMW of North America and BMW US Capital, agreed to pay an $18 million fine without admitting or denying the SEC’s findings. It also agreed “to cease and desist from future violations” of Sections 17(a)(2) and 17(a)(3) of the Securities Act.
In a statement, BMW said its mistake was not intentional. It happed due to negligence three years ago.
“There is no allegation or finding in the order that any BMW entity engaged in intentional misconduct. The BMW Group attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting,” according to the German automaker.
Last year, the SEC investigated Fiat Chrysler Automobiles (FCA) and its U.S. subsidiary for allegedly misleading investors about its monthly sales figures. The automaker agreed to pay $40 million in fines to resolve the matter.
